Erez Law is currently investigating former Caldwell International Securities financial advisor Lucas Dylan Lichtman (CRD# 5542092) regarding unsuitable recommendations. Lichtman has been registered with Caldwell International Securities in Englewood Cliffs, New Jersey from 2011 to 2016. FINRA has suspended Lichtman from acting as a broker.
In December 2015, FINRA named Lichtman in a complaint alleging that he and other registered representatives of Caldwell International Securities made “unsuitable recommendations of an active trading investment strategy to their customers and the firm is liable for the unsuitable recommendations of an active trading investment strategy made by them under the doctrine of respondeat superior because each representative was an agent of the firm acting within the scope of his duties when he engaged in this misconduct,” according to his CRD report.
According to the complaint, Lichtman and other representatives, “failed to understand the risks of the investment strategy being recommended, or the impact the staggering commissions and fees generated by this active trading investment strategy would have on their customers’ accounts.” As a result of this unsuitable investment strategy, Lichtman and other representatives’ customer paid $1,007,710.33 in commissions and fees, and as a result, FINRA expelled Caldwell International Securities in January 2017.
Lichtman was suspended for nine from from October 2016 to July 2017 and sanctioned to pay $7,500 in civil and administrative penalties/fines.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Caldwell International Securities may be liable for investment or other losses suffered by Lichtman’s customers.
Erez Law represents investors in the United States for claims against former Caldwell International Securities financial advisor Lucas Dylan Lichtman, who is alleged to make unsuitable investment recommendations. If you were a client of former Caldwell International Securities financial advisor Lucas Dylan Lichtman or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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